Apple will assess the creditworthiness of Apple Pay Later using previous Apple purchases
Tech company Apple is soon going to introduce Apple Pay Later. According to Mark Gurman, the company is set to launch the new service in the upcoming weeks. Delving into the details of this new service by the company, we come to know that it is basically a buy-now-pay-later offering.
The latest service will enable consumers to buy something using Apple Pay on their iPhones. The consumers will be presented with an option of four installments. The installments will be due to be paid in the time span of six weeks. Interestingly, the service is available free for consumers. Additionally, the service is bound with zero interest.
How this will work? Well, the company will evaluate the previous spending of a consumer on Apple products. In this way, it will be figured out whether a consumer could be accepted into the buy now pay later program or not. Since the data will be a positive indication that the consumer can pay the loan. In addition to this, some other factors will also be considered. For instance, looking for whether a consumer has an Apple Card credit card or not.
Initially, the service will be introduced in the US. The company will track the consumer’s data through the consumer’s Apple ID. Followed by this, if the consumer is eligible for using the service, the Pay Later option will go live in the Apple Pay purchase sheet.
Furthermore, Apple Pay Later is going to be the very first financial service that will be supported by the company itself. It will not be based on any third party. Given this fact, we can anticipate that the company might limit the option of Pay Later service to consumers who go default on any given Apple Pay Later product. It might also block or disable their ID for some time until or unless they regain their previous good standing.
Moreover, the company could add more options for payment methods. It might also consider the option for longer periods of time. Perhaps the company could also include the interest charges. Previously, the service was expected to release with iOS 16 in September 2022. However, the plan was postponed due to some reasons.
As of now, the company has not shared any specific deadline for the service to go live. But it is assumed that the company might launch it soon.
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